Credit Suisse noted, "In our view, Activision has the best prospects to manage through the videogame industry transition from consumer packaged goods to online, given the quality of its content offerings and proven track record of franchise management. It is taking a major step forward in the offline/online transition with Call of Duty Online, which is set for release in China. … As Activision begins to see greater contribution from higher-margin digital revenue, especially as Call of Duty Online should be booked on a net revenue basis, we expect operating margin to expand ~300bps to reach 33% within the next two years."